Crypto Executives Take Center Stage as Trump Enacts Stablecoin Legislation
US President Donald Trump has officially enacted a significant piece of cryptocurrency and blockchain legislation, marking a pivotal moment in his administration. This development follows a series of delays attributed to discussions within the House of Representatives and Senate. During a signing event held on Friday, attended by prominent figures from the cryptocurrency sector and high-ranking Republicans, Trump endorsed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Among those present were notable crypto executives such as Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, and Coinbase CEO Brian Armstrong, among others.
Gen Z Leads Crypto Spending; Gen X Dominates High-Value Transactions
Recent findings indicate that cryptocurrency transactions are gaining traction among diverse demographic groups, evolving from mere speculative investments to practical payment methods for everyday expenses. A survey conducted by Bitget Wallet revealed that 39% of Gen Z individuals engage in daily crypto transactions, particularly for gaming and travel-related purchases. In contrast, Gen X users are more inclined toward high-value transactions, with 40% utilizing cryptocurrencies for travel, digital goods, and real estate purchases. This trend underscores a growing acceptance of digital currencies for various spending categories.
Dave Portnoy Regrets Selling XRP Ahead of Price Surge
Barstool Sports founder Dave Portnoy expressed regret over his decision to sell a significant portion of his XRP holdings just weeks before the cryptocurrency experienced a notable price increase. In a recent video shared on social media, Portnoy lamented, “I would’ve made millions, and I want to cry,” highlighting his previous role as a vocal supporter of the XRP community. His comments followed XRP’s remarkable rise, breaking its previous yearly high and achieving a 19.61% increase in value within a 24-hour timeframe, as reported by Nansen data. Portnoy explained that he sold his XRP at $2.40 based on advice he received, which he now questions.
Satoshi-Era Bitcoin Whale Transfers 40,000 BTC to Galaxy Digital
A notable Bitcoin whale from the Satoshi era has moved an additional 40,192 BTC, valued at approximately $4.77 billion, to Galaxy Digital, following a prior transfer of 40,009 BTC just days earlier. Onchain data analysis from services like Onchain Lens first reported on this transaction, which brings the total amount transferred by this whale to Galaxy Digital to 80,201 BTC over four days, worth around $9.6 billion. During this period, over 6,000 BTC were also moved to major exchanges such as Binance and Bybit, according to blockchain intelligence platform Nansen.
Trump Plans Executive Order to Allow Crypto Investments in Retirement Funds
President Trump is reportedly preparing to issue an executive order that would enable American 401(k) retirement plans to include alternative assets, such as cryptocurrencies, beyond traditional stocks and bonds. The Financial Times indicated that the executive order could be signed within the week, based on information from sources familiar with the plans. This initiative could expand 401(k) investment options to a diverse array of assets, including digital currencies, precious metals, and funds targeting infrastructure projects and private lending. The order aims to direct regulatory bodies to explore how to facilitate cryptocurrency investments in retirement plans and identify any existing barriers.
Market Overview: Bitcoin and Altcoin Performance
As the week concludes, Bitcoin (BTC) is valued at $118,281, while Ether (ETH) is priced at $3,553, and XRP stands at $3.43. The total cryptocurrency market capitalization has reached approximately $3.85 trillion. Analysis of the top 100 cryptocurrencies reveals that Bonk (BONK) emerged as the leading gainer this week, surging by 53.65%, followed by Curve DAO Token (CRV) at 51.11%, and FLOKI (FLOKI) at 40.43%. Conversely, the biggest losers include Pump.fun (PUMP) at 29.73%, Pi (PI) at 5.32%, and Hyperliquid (HYPE) at 5.05%.
Memorable Quotes from the Week
Anthony Anzalone, founder and CEO of Xion, stated, “If anything, I see an inverse correlation between the success of this industry and the memecoin market cap because it reads that capital doesn’t have anywhere better to flow.” Barstool Sports founder Dave Portnoy expressed his regret, noting, “I would’ve made millions, and I want to cry. I don’t own it anymore, even though I was the leader of the XRP army.” Eric Jackson, founder of EMJ Capital, commented on Ethereum, saying, “Once ETH becomes a productive, staked asset within an ETF wrapper… It’s no longer just ‘digital oil.’ It’s an institutional-grade yield product.” André Dragosch, director at Bitwise, observed, “Bitcoin is at new all-time highs, but retail is almost nowhere to be found.” Katie Stockton of Fairlead Strategies predicted, “That puts Bitcoin at around $135,000 as an intermediate-term objective.” Nassar Al Achkar from CoinW noted, “The passing of the GENIUS Act and Trump’s plan to open the US retirement market to crypto investments could unlock trillions in institutional capital.”
Market Predictions: Stellar’s XLM Set for a Price Surge
Stellar’s XLM is anticipated to experience a price increase of 35%, bolstered by a bullish continuation pattern that mirrors the recent rise of XRP. Currently, XLM is consolidating within an ascending triangle, a technical pattern characterized by rising lows and flat resistance levels. The resistance near $0.52 has faced multiple tests since Tuesday, indicating growing buying momentum. If XLM breaks through the $0.52 resistance, it could trigger a rally towards $0.63 by August, representing a potential 35% increase from its current level.
Top Concerns of the Week
A former officer from the UK National Crime Agency has been sentenced to prison for the theft of 50 Bitcoin, currently valued at around $5.9 million, which was seized from a co-founder of Silk Road 2.0. The Crown Prosecution Service announced that Paul Chowles, who was involved in investigating Silk Road, received a five-and-a-half-year prison sentence after pleading guilty to theft and other charges. In another development, legal experts believe that the securities fraud lawsuits against Michael Saylor’s company, Strategy, could take years to resolve. The company, known for its significant Bitcoin holdings, faces scrutiny over its investment strategy amidst rising investor concerns. As of mid-July, multiple law firms have filed complaints claiming the company misrepresented the profitability and risks associated with its Bitcoin investments.
The International Monetary Fund (IMF) released a report stating that El Salvador has not purchased any Bitcoin since entering into a loan agreement in December 2024. The report highlighted discrepancies in the Chivo Bitcoin wallet’s reserves, noting that it does not adjust for client deposits, leading to misconceptions about the country’s Bitcoin accumulation. The letter of intent from El Salvador’s central bank and finance minister confirmed that the public sector’s Bitcoin holdings have remained unchanged to mitigate fiscal risks associated with the Chivo wallet.
Top Magazine Highlights of the Week
Willy Woo, a well-known figure in the Bitcoin community, has recently divested most of his Bitcoin holdings, citing a lack of appealing opportunities in the market. In a different context, the use of AI in warfare has sparked discussions, with AI-generated content eliciting mixed responses. Additionally, a major crypto scam in Asia has drawn attention, with the ringleader facing backlash from victims, while NFTs are being used to offer digital citizenship in a Japanese village, showcasing the diverse applications of blockchain technology.
